Bahrain-based Futurebank achieved a 30 per cent increase in net profit in the first quarter of the year to BD3.43 million ($9.1 million), up from BD2.63 million in the same period last year.

The bank's total assets stood at BD561.7 million a significant increase on the BD37.4 million at the year-end.

This is in part due to the bank registering a healthy growth in its loan and advances portfolio by 16.6 per cent to BD176.9 million from BD151.7 million at the start of the year.

The bank's total liabilities also saw an increase of 7.1 per cent, standing at BD470.1 million at the end of the first quarter compared to BD436.12 million at the end of 2010.

'I am very pleased with the bank's performance,' said chief executive officer and managing director Gholam Souri.

'We have refocused our efforts on local and regional business.

'A number of our business initiatives, which we started in 2010, have now been realised during the first quarter.

'Considering the various challenges faced in the financial market we have continued to focus ourselves on quality lending.

'Futurebank's profitability, this early in the year, underscores our resilience and our firm place within Bahrain's banking industry,' he said.

'Futurebank has successfully implemented a new state-of-the-art core banking system from January 1 onwards.

'The new system enables us to offer a variety of products in consumer and corporate lending, and provides us with an upgraded platform from which to provide value-added services to our loyal clients,' he added.-TradeArabia News Service